Canada Emergency Business Account (CEBA)

To provide additional financial support to Canadian small businesses during this time of unprecedented economic challenge brought on by the COVID-19 pandemic, the Government of Canada, alongside its partners EDC and Canada’s financial institutions, are now offering an increase in support for eligible CEBA applicants.

The CEBA program will now provide access to an additional $20K (CEBA expansion) to eligible borrowers who already received a $40,000 loan and $60,000 for new applicants to CEBA.

CEBA expansion - Now Available

Applicants who have received the $40,000 CEBA loan may apply for the $20,000 expansion, which provides eligible businesses with an additional $20,000 in financing. 

All applicants have until June 30, 2021, to apply for the $60,000 CEBA loan or the $20,000 expansion. 


As of October 26, 2020, eligible Canadian businesses that currently operate through a personal bank account will be able to apply for CEBA. To confirm eligibility for the CEBA program, visit CEBA Pre-Screen Tool. Please note, pre-screening is not needed for those applying for the $20,000 expansion.

Program Highlights

  • 0% per annum interest until December 31, 2022 
  • 5% per annum interest starting on January 1, 2023
Repayments & Maturity: 
  • No principal repayment required before December 31, 2022
  • If loan remains outstanding after December 31, 2022, only interest payments required until full principal is due on December 31, 2025 
Debt Forgiveness:
  • If the outstanding principal, other than the amount of potential debt forgiveness, is repaid by December 31, 2022, the remaining principal amount will be forgiven, provided that no default under the Loan has occurred
If you don't have a business account, contact your local Northern Savings branch to set up an appointment to do so (a business account must be open before submitting your application).

How to Apply

Business owners can access the CEBA application through our MemberDirect Online Banking and MemberDirect Small Business websites. To access the application follow these steps:

  • Log in to your online banking account
  • On the left hand side select "Account Services"
  • Click on "Canada Emergency Business Account (CEBA)"
  • Access the CEBA Pre-Screen Tool. You must complete this step prior to submitting your application for the $60,000 CEBA (you do not need to complete this step for the $20,000 expansion)
  • Complete the required steps and upload documents as required
  • Once submitted, a Northern Savings representative will process the application
  • If your application is approved, you will be contacted to sign the required documents


I have multiple businesses, can I apply for the CEBA for each business? Expand/Collapse

Yes, each business that meets the eligibility criteria may apply for CEBA.

My business requires the consent of more than one signatory. Does this affect the application process? Expand/Collapse

Please ensure that only the authorized signer of your Northern Savings Business account applies and that you only submit one application per business.

How long will it take for me to get the money after I have applied? Expand/Collapse

Once you have applied at your financial institution, uploaded all necessary supporting documents (if applicable), and if pre-funding eligibility validation is successful, you should expect to receive funding within 10-15 business days.

How is the loan distributed? Expand/Collapse

The loan will be deposited in your account after the loan is approved.

Do I have to be signed up for Online Banking to apply? Expand/Collapse

Yes, the application can only be done through our Online Banking platform. Signing up is fast and easy, and you will find that the features of Online Banking are very convenient. Contact your Business Account Manager to get set up > 

Who can apply for the $20,000 expansion? Expand/Collapse

Applicants with a $40,000 CEBA loan may apply for the $20,000 expansion.

I already repaid my original CEBA loan. May I apply for the $20,000 expansion? Expand/Collapse

Yes, you may apply for the $20,000 expansion at the financial institution that provided you with your original CEBA loan.

Can I apply for an amount other than $20,000 for the expansion? Expand/Collapse

Applicants applying for the expansion can only apply for the full $20,000.

What are the terms of the forgiveness? Expand/Collapse

If you borrowed $40,000 or less:

Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

If you borrowed more than $40,000 and up to $60,000:
If you received a $40,000 loan and subsequently received the $20,000 expansion, the terms of your forgiveness have changed and are described here. Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in a single tranche of loan forgiveness up to $20,000 based on a blended rate:

  • 25 percent on the first $40,000; plus
  • 50 percent on amounts above $40,000 and up to $60,000.
For clarity, the portion of forgiveness based on a rate of 25% and the portion of forgiveness based on a rate of 50% are combined into a single tranche of forgiveness, which is only available if all other amounts outstanding are repaid by December 31, 2022. For example, if $60,000 is borrowed, no forgiveness is available unless $40,000 is repaid.

Can I still apply for a $40,000 loan instead of a $60,000 loan once the expansion is available at my financial institution? Expand/Collapse

Once your financial institution begins to offer the $60,000 loan you may no longer apply for $40,000.

Do I need to submit a new application for the $20,000 expansion? Expand/Collapse

Yes, you will need to submit a new application and attestation to the financial institution that provided you with your original CEBA loan. You will not need to resubmit your original application, or re-upload expense documents.

Will I automatically get approved for the $20,000 expansion if I have successfully received a CEBA loan, or is there a chance I will get declined? Expand/Collapse

Applicants who received a $40,000 loan must apply separately for the $20,000 CEBA expansion.

In instances where additional information is needed from you or your financial institution relating to your original loan application, or if post-funding validations identified a discrepancy between your original loan application and CRA records, your expansion application may be declined.

Depending on the reason for decline, you may or may not be able to remedy your application.

I have been declined for the $20,000 expansion, how should I proceed? Expand/Collapse

Depending on the reason for decline, you may or may not be able to remedy your application. Your financial institution will be notified and will instruct you on the next steps if any action or input is required from you.

What is the application deadline for the $20,000 expansion? Expand/Collapse

The deadline to apply for the $20,000 expansion at your financial institution is June 30, 2021.

How do I found out the status of my application? Expand/Collapse

If you have questions after checking your status online, please contact the CEBA Call Centre at 1-888-324-4201. An agent will return your call between Monday and Friday from 10:00am to 9:00pm EST.

Contact our Business Account Managers

Haida Gwaii

Barry Pages

Prince Rupert

Kristabel Eriaye


Paige Franco

Dave Pernarowski